Designated Charity Registratlon Number 1177483 SOUTH WE HERTS NARROWBOAT TRUST CIO ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 202S
TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present the annual report and financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the Charitie5 Act 2011 and applicable UK accountin8 Standards including FRS 102 and the Charities SORP IFRS 102}. OBJEcnvES AND ACTIVITIES The charitls objects are to provide mutual assistance training and education to Users of a narrow boat which ha5 been built to a specification laid down by the Trust management commirtee and to oversee the day-to-day running and organisation of the Trust, and to promote. without distinction of sex. sexual orientation, race, or of political, rellgious or other opinions, the advancement ol education and the provision of facilities in the interests of social welfare for recreation and leisure time occupation with the object of improvin8 the conditions of life of local residents. The policies adopted in furtherance of these objects are to obtain finance by voluntary contributions, from users, and 8rants of sponsorship, and there has been no change in these durin8 the year. All the Trust's Management/ Trusteesl Committee and workers are volunteers. ACHIEVEMENTS AND PERFORMANCE The Trust has significantly grown its R YA School Tralning income to £9,420 and moorings income is up IO%. There is a sm311 drop in hire income, perhaps still due lo Covid and 8roups gettin8 Out of the habit of bookinB, and also with the l)oats being a bit run down lookin8 after 2 years of inactivty. We have continued our weekly Wednesday morning workgroup of between 3 to 6 people, whlch has meant we have cleared the base of old accltrmulated Tubbish gettin8 prepared for new training and workshop room5. The old sheds bein8 30+ years old. We have worked hard at cleanin8 the boats more often inside and out and with it realising the need repaint and repalr. The annual R YA School inspections have given rise to the tontinued need for more work on the boats although wilh those specific costs are 20% down on14st year. We were successful in obtainin8 a grant from The John Apthorp Charity of £15,LhJO which means we will order and have built a new trainin8 room and community Space, whlch we wlll fit out approprlately. We have malntained the contingency on both boat5, Dicks Folly will need replacinB in next 10-15 vears. Several other projects are worthy of mention. In 2024 we Set out to improve OUT IT infrastructure successfully implementing a new email system, building a revised website WTth new brandin& starting to have more automated hlre and trainin8 booking system FINANCIAL REVIEW The organisation has generated total income for the year of £40,61812024 £20,603) including grant income (to fund the new training rooml of £I5,C, training £9,42012024 £5,160). hirin85 £7,00412024 £7,344) and moorings & stora8e £6,31012024 £5.7891. After depreciation of fixed assets, net expenditure for the year totalled £2,49912024 £21.2171. At 31" March 2025 net assets totalled £315,65912024 £318.1081 includin8 tash at Ikink £106,59712024 £89,0601 and fixed assets £211,18912024 £234.6551. Page I
TRUSTEES, REPORT IcoMfiNUEDI FOR THE YEAR ENDED 31 MARCH 2025 In 2024, we re-examined our requirements with some of our buildings being 30+ years old and a no longer fit for purpose, so next year we will replace several sheds with a new traininB and community room. If we can raise more from trust and foundations then we will replace the very old workshop and, much later a new toilet and storage building. RESERVES POUCY The trustees monitor free reserves regularly. Free reserves are presented by unrestrirted funds excluding designated fund5. At March 31st 2025 restritted funds totalled £15.¢JXI related to the grant for con5trurtion of the trainin8 room and communlty space. Unrestricted funds total £3t)),659, of whlch £104,¢Xx) Is desl8nated for narrowboat replacement, trainlng room con5trurtion, and general repairs. STRUCTURE, GOVERNANCE AND MANAGEMENT The charrty is a Charitable Incorporated Or8ani5atlon ICIOI governed by a constitution adopted on 8 March 2018. The comrnittee meet up for a minimum of four meetin85 in any one year lo monitor the efficient d3y-to-day runnlng of the charity. There are no paid staff. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. TRUSTEES AND ADVISERS South West Herts Narrowboat Trust CIO 15 an incorporaied charity re8iStered with the Charty Commi5slon Inumber 11774831. The principal operating address of the charTty15.' 1 Eastnor. Bovingdon, Herts. HP3 ODL The Trustees who served in the year and up to the date of this report were: C West NLuff N Nieder M Wackett Trustee5 are appointed at the Annual General Meeting. The trustees have assessed the major rlsks to whlch the charltv Is exposed and are sattsfied that system5 are in place to mltigate èxposure to the malor risks. Page 2
5TATEMEKf OF TRUSTEES. RESPONSl8iullES The Trustees are responsible for preparing the accounts in accordan with applicable law and United Kingdom Generally Accepted Accounting Practice. Law applicable to charities in England and Wales require5 the trustees to prepare a¢counts for each financlal year which give a true and fair view of the charrf¢rfs financial activities durin8 the year and of its financial positron at the end of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and: select suttable accountin8 policies and then apply them consi5tently* make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts,. and prepare the accounts on the 80in8 concern basis unless it Is inappropriate to presume that the charity wlll continue in operation. The Trustees are responsible for keepin8 accountlng records that disclose with asonable accuracy the flnancial position of the Charity and which enable them to astertain the financial position of the charity ènd which enable them to ensure that the accounts comply with the Charities Art 2011 and the provisions of the trust deed. They are also responsible for safeguarding the a55ets of the charity and hence for lakin8 Teasonable steps for the prevention and detection of fraud and other irregularles. By order of the Trustees Christopher West- Secretary & Trustee Page 3
I report to the trustee5 on my examination of thè accounts of South West Herts Narrowboat Trust CIO (the charity) forthe year ended 31 March 2025. Re5ponslbillties and basis of report As the charity trustee5 yuu are responsible for the preparation of the accounts in accordance wrth the iequiiements of the Chartties Att 2011 Ithe Attl. I report in respect of my examination of the charity's attounts carrled out under section 145 of the Att and in carryin8 my examination I have followed the applicable Dirertion5 given by the Charity Commi$5ion under settion 1451511bl of the ALt. Independent emIner'S ststement I have completed my examination. I confimi that no material matter5 have come to my attention in connettion with the examination 8ivln8 me cause to believe that in any materlal respect.. accounting records were not kept as required by sertion 130 of the Act- or the accounts do not accord with those recd$.. or the accounts do not comply wrth the applicable fequifements concernin8 the form and content of accounts set in the Charities (Accounts and Reports) Re8ulations 2CQ8 other than anv requirement that the accounts give a true and fair view which Is not a rnatter considered as part of an Independent examinatiM. I have no concerns and have come across no other matters in eonnertion wlth the examination to which attention should be drawn in thi5 port it) order to enable a proper understanding of the account5 to be reached. James Currell JrrF Accountants Ltd Room 20. 1 Rocks Lane, London SW13 ODE Date.. March 161h 2026
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 unrestrl¢ted 2025 restricted 2025 total 2024 total Income Grant & donation5 Training courses Hirin8S Moorings Interest recefvable Storage Electric Total Sn¢ome Expenditure Repairs & runnin8 costs Insurance Website & IT costs Licences 15,CrflO 15,CQO 9,420 9,420 5,160 7,344 4,632 1,525 1,157 785 20,603 3,870 2,176 3.870 2.176 2,440 708 40,618 708 25.618 15.C#X) 5.951 3.506 3.358 5,951 3,506 3,358 7,296 3.606 185 1,839 1,348 Light & heat 1,3C¥J 1,300 Accountancy fees R YA packs Tralning expenses Business rates Bank charges Sundry expenses Depreciation Total expenditure Net income/ lexpendlture) Transfer between funds Net movement In funds Funds brought forward Fund5 carrled forward 1.020 943 901 1,020 943 826 901 73 73 69 60 45) 49) 23,465 43,067 12.4491 518 23,465 43.067 {17,4491 26,073 41,820 121,2171 15, 117,4491 318,108 300,659 15,0 {2.4491 318,108 315.659 121.2171 339,325 318.108 15,000 Page 5
BALANCE SHEEr FOR THE YEAR ENDED 31 MARCH 2025 Notes 2025 2024 Flxed Assets Tangible assets 211,189 234,655 Current Assets Prepayments Cash at bank and in hand 4,(X55 106.597 110.602 89,060 89,060 CdItOrs.. Amounts Filllnq Due Wlthln One Year Accruals and deferred Income 6.133 6,133 5,607 5,607 Net Current Assets 104,469 83,453 Total Assets lèss Current Liabilltles 315,659 318,108 Represented by". Funds Restritted funds Unrestricted funds 15,C 3CiI,6S9 318,108 . 315.659 318.108 Approved by the Trustees on 11 March 2026 Chrlstopher West- Chair The notes on pa8e$ 7 to 8 form part of these accounts. Pa¥e 6
NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 l. Accounting polides Ba515 of preparation The financial statements have been prepared under the historical cost convention and in accordance with the CharTties Act 2011, the Charities (Accounts and Report51 Regulations 2CX)8. FRS 102 and the Statement of Recommended Practice.. Accounting and Reporting by Charities IFRS 1021. The charity constitutes a public benefit entr(y. The trustees consider that there are no material uncertainties about the charity','s ability to continue a5 a goin8 concern. Income rttognition Income 15 recognised once the charfty has entitlement to the income. r( Is probable that the income wlll be received and the amount of income receivable can be measured reliably. Donations, legaties and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are Incapable of financial measurement. All other forms of income are reco8nised on a receivable basls. Income relating exclusivefy to future accountin8 peri(MJ5 15 deferred. Expenditure re¢o8nition Expenditure is recognised when a liability 15 Incurred. Restrfrted fvnds Restricted funds are Subject to specific conditlons Imposed by donors or by the purpose of the appeal. The john Apthorp Charity grant is treated as a restrfcted fund because it is for the MeetIntraInIng room projert. Unrestrirted funds Unrestrlcted funds represent funds that tan be applied at the Trustees discretion wlthln the general objects of the charity. Desi8nated funds are unre5trlcted fund5 Sèt aside by the Trustees for 5peciflc purpose5. Tangible fixed assets and depreclatl¢n Tan8ible fixed assets are stated at cost less accumulated depreclation. Depreclation is provided at io% reducin8 balance per annum. Asset5 under construttion are not depreciated until they are brought Into use. 2. Trustees remuneratlon benefits and expenses No trustee received any remuneralion or benefrts for artlng as a trustee during the year12024: nill. Three trustees were reimbursed expenses incurred on behalf of the charity totalling £9,158 12024.'nlll. These reimbursements related to insurance, licences. repairs and runnin8 Costs. There were no other related party transartions requiring disclosure durlng the year. 3. Employee5 There were no employees during the year. Page 7
- Fixed assets Cost Depreciation Net Book Value 260,728 126.0731 234,655 123,6451 211,189 At l April 2023 Charge for year ended 31 March 2024 At 31 March 2024 Charge for year ended 31 March 2025 At 31 March 2025 260.728 126,0731 126,0731 123.6451 149,5381 260,728 260,728 Fixed assets include the two narrowboats and landing siage. The contrattor deposit of £4,005 at 31 March 2025 is included within prepayments and relates to the MeetintraInIng room project. No further project costs had been capitali2ed by the year end.
- Funds Restricted fund Fund Brought forward Incomt Exptndlture Transfers Carrltd forward 15,(X)O Meetlngl tralning room rant 1S.(KM) This fund represent5 a grant receNed for the meetingltraining room prolect. The projert commenced before the year end. At 31 March 2025 the 8rant remain5 restricted pendin8 further project expendlture and completSon of the prolect. Unrestrlcted funds Fund Balance at I ril 2024 Income Expendrture Transfers Balance at 31 Maich 2025 General fund Designated funds 235,108 83,Ch)J 25,618 143,0671 121,0001 21.CQO 196.659 104,CN)o Total unrestricted funds 318.IOB 25,618 143.0671 3,659 Deslgnated funds a amounts Set aside by the trustees from unrestricted funds for future repairs and replacement costs. They remaln unrestricted at the trustees discretion. Deslgnated funds Purpose General contin ency fund - boat & base re Pickles Folly replacement fund Dicks Folly replacement fund Training room- trustee designation 2025 26,tbxi 25.LKJO 33.CQO 20,(LIO 2024 25,000 25,000 33,000 airs Total designated fund5 104.¢X 83.CQO Page 8